I manage several rental units. I set up a bank account for the tenants to directly deposit but it charges a fee so only half of them use it. I will be retiring and traveling soon so I want a system they can pay rent without all the extra fees. What is a good method or bank to use to do this?
Isn’t Zelle free? I collect on Zelle
I also use Zelle to send money back and forth with my daughter. There’s no fee.
One of my kids uses Venmo to pay his rent.
You can set up a PayPay account. There will be two options for the payer to choose, either to pay a business or send money to a friend. Neither charges the payer an extra fee.
The Business option will charge the recipient a small fee, and the Friend option doesn’t charge a fee to either the payer or payee.
There are also landlord specific apps/sites that make it easy for landlords to collect rent: Cozy, Zillow, Zumper, PayYourRent.com, etc.
My D Has also used Venmo to pay her landlord and among her friends. There are no fees, from what she’s said.